Market Structures
Supply and Demand
Business Organizations
Circular Flow
Other
100
This type of market structure has identical products and the free market sets the price.
What is perfect competition?
100
A volcano erupts in Hawaii destroying most of the pineapple crop. (Supply)
What is supply shifts left? EP up, QD down.
100
This is the most common form of business and it suffers from unlimited liability.
What is a sole proprietorship?
100
The market for labor is part of this market.
What is the factor market?
100
Medium of exchange, measure of value, store of value.
What are the three uses of money?
200
This type of indsutry is most likely to have a monopoly.
What are public utilities?
200
The income of most Americans is increasing. What happens to their demand for appetizers at restaurants?
What is demand shifts right? EP up, QD up.
200
This type of business is a separate legal entity that can also sell stock.
What is a corporation?
200
The market for goods and services is part of this market.
What is the product market?
200
Four of the six characteristics of money?
What is portability, durability, divisibility, limited availability, acceptability, and uniformity?
300
This type of market structure has slightly different products and has to rely heavily on advertising.
What is monopolistic competition?
300
A report comes out that taco bell does not use proper methods in making food. What will happen to the demand curve for Taco Bell?
What is demand shifts left? EP down, QD down.
300
This type of business suffers from unlimited liability, but there is shared decision making.
What is a partnership?
300
Payments from households to businesses are known as what?
What is spending or expenditures?
300
A minimum wage is an example of this. A minimum wage will cause this to happen.
What is a price floor? What is unemployment?
400
This type of market structure has three or four firms that control 75%-80% of the market.
What is an oligopoly?
400
The government decides to subsidize the pen and pencil industry. What will happen to the supply curve?
What is supply shifts right? EP down, QD up.
400
This means that corporate stockholders are not responsible for the debts of a corporation.
What is limited liability?
400
Businesses provide households with this in the circular flow?
What is goods and services?
400
This part of economics examines individuals and households.
What is microeconomics?
500
This type of monopoly deals with copyrights and patents.
What is a technological monopoly?
500
The government places strict regulations on children's toys. What happens to the supply curve of toys?
What is supply shifts left? EP up, QD down.
500
This type of business is the easiest to organize, but is not able to benefit from specialization.
What is a sole propritorship?
500
Households provide businesses with this in the circular flow?
What is land, labor, and capital?
500
Zander put $20 in the bank to save up to buy a lego toy. How is he using money?
What is store of value?
M
e
n
u